Ashok Soota's New Venture to raise VC Funding

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Bangalore: Former chairman and co-founder of MindTree, Ashok Soota has launched IT services firm Happiest Minds Technologies and is looking to raise venture capital funding for the startup. The company will start operations within five months and Soota will be the Chairman and MD of the company, reports Irfan Khan for Deal Curry. Happiest Minds will have six areas of business - IT services, R&D services, software product engineering, remote infrastructure management, testing and consulting. It will focus on technologies like cloud, social CRM, unified communications, mobility, business intelligence and analytics. Soota recently resigned from Mindtree as executive Chairman, which he co-founded in 1999 along with eight others and currently holds 11.1 percent stake in the company. Mintree was founded with initial investments from venture capital firms Walden International and Global Technology Ventures. As on December 2010, Walden holds 9.94 percent stake in the company, while Global Technology holds 6.64 percent stake. Another fund, Nalanda Capital Fund holds 9.82 percent stake in the company. While Happiest Minds' initial expenses would be funded from his own resources, company will require additional funding once it becomes operational. Ashok Soota may also divest his stake in Mindtree, which is valued at 1, 600 crore, to fund part of the additional needs. The new company will have marketing offices in Delhi and Mumbai, apart from Bangalore. It also plans to open offices in the U.S., continental Europe, U.K, Japan, Singapore and India.

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